The attached report is a reprint from Private Debt Investor, published June 2025. PDI Media has provided Nuveen LLC, with the permission and authority to make this report available on its websites and social media profiles.

The material is for informational purposes only and should not be regarded as a recommendation or an offer to buy or sell any product or service to which this information may relate and is not provided in a fiduciary capacity. The views and opinions expressed herein are as of the date of the publication, and may change in response to changing circumstances and market conditions. Under no circumstances should these views and opinions in this article be construed by any reader as investment, securities, legal, or tax advice. No representation or warranty, express or implied, is made or can be given with respect to the accuracy or completeness of the information in this article.

Information, opinions, or commentary concerning the financial markets, economic conditions, or other topical subject matter were prepared, written, or created prior to posting this article on this site and do not reflect current, up-to-date, market or economic conditions. Churchill disclaims any responsibility to update such information, opinions, or commentary. In addition, past performance is not indicative of future results, future results are not guaranteed, and loss of principal may occur. This article may include “forward-looking statements”. All projections, forecasts or related statements or expressions of opinion are forward-looking statements. There can be no assurances that any of the trends described herein will continue or will not reverse. Past events and trends do not imply, predict or guarantee, and are not necessarily indicative of, future events or results. Although we believe that the expectations reflected in such forward-looking statements are reasonable, they can give no assurance that such expectations will prove to be correct, and such forward looking statements should not be regarded as a guarantee, prediction or definitive statement of fact or probability.

Investing involves risk; principal loss is possible. Investments in middle market loans are subject to certain risks such as: credit, limited liquidity, interest rate, currency, prepayment and extension, inflation, and risk of capital loss.

This information represents the opinion of Nuveen, LLC and its investment specialists and is not intended to be a forecast of future events and or guarantee of any future result. Nuveen, LLC provides investment solutions through its investment specialists. Churchill Asset Management LLC is a registered investment advisor and an affiliate of Nuveen LLC. This information does not constitute investment research as defined under MiFID.

4447941